Singapore: Spherical Roller Bearing Market 2024

Spherical Roller Bearing Market Size in Singapore

In 2021, after three years of growth, there was significant decline in the Singaporean spherical roller bearing market, when its value decreased by -58.7% to $X. In general, consumption recorded a abrupt curtailment. The growth pace was the most rapid in 2019 when the market value increased by 4.9%. Spherical roller bearing consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Spherical Roller Bearing Production in Singapore

In value terms, spherical roller bearing production expanded significantly to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 46% against the previous year. Spherical roller bearing production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Spherical Roller Bearing Exports

Exports from Singapore

In 2021, overseas shipments of spherical roller bearings decreased by -3.7% to X tons, falling for the second year in a row after two years of growth. Overall, exports recorded a abrupt decrease. The growth pace was the most rapid in 2019 when exports increased by 11%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, spherical roller bearing exports dropped to $X in 2021. Over the period under review, exports continue to indicate a deep setback. The growth pace was the most rapid in 2018 with an increase of 16%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of spherical roller bearing exports from Singapore, with a combined 50% share of total exports. These countries were followed by India, Thailand, Belgium, Australia, Vietnam, the United States, the Philippines, Taiwan (Chinese) and South Korea, which together accounted for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +6.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for spherical roller bearing exported from Singapore were China ($X), Malaysia ($X) and Indonesia ($X), together comprising 50% of total exports. India, Thailand, Belgium, Australia, Vietnam, the United States, the Philippines, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 45%.

The United States, with a CAGR of +5.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average spherical roller bearing export price amounted to $X per ton, reducing by -4.7% against the previous year. Overall, the export price showed a slight setback. The growth pace was the most rapid in 2014 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, the countries with the highest prices were Vietnam ($X per ton) and the Philippines ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-1.8%), while the prices for the other major destinations experienced a decline.

Spherical Roller Bearing Imports

Imports into Singapore

In 2021, purchases abroad of spherical roller bearings decreased by -16.7% to X tons, falling for the second consecutive year after two years of growth. In general, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2019 when imports increased by 17%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, spherical roller bearing imports reduced sharply to $X in 2021. Overall, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 20% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), China (X tons) and Sweden (X tons) were the main suppliers of spherical roller bearing imports to Singapore, with a combined 76% share of total imports. Germany, Japan, India, the United States and the UK lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +58.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spherical roller bearing suppliers to Singapore were Malaysia ($X), China ($X) and Sweden ($X), with a combined 76% share of total imports. These countries were followed by Germany, Japan, India, the United States and the UK, which together accounted for a further 23%.

India, with a CAGR of +56.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average spherical roller bearing import price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the import price, however, showed a slight decline. The pace of growth appeared the most rapid in 2020 when the average import price increased by 3.6%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were India ($X per ton) and Japan ($X per ton), while the price for China ($X per ton) and the UK ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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